Playlogic reports profits hike

Dutch developer and publisher Playlogic has reported an increase in profit of 71 per cent for the full year ended December 31st, 2006.

Gross profit totalled $1.2 million, up from $0.7m in 2005.

Revenues were up a staggering 176 per cent in the same period, from $1.8 million in 2005 to $5 million.

The firm said that the profits rise resulted from increased revenues against increased production costs of $3.8 million, up from $1m the pervious year.

The company also reported that its in-house studio Playlogic Game Factory has renewed its first party development deal with Playlogic and SCEE, as well as a new worldwide licensing agreement with Nintendo to make Playlogic an official Wii publisher.

President and CEO of Playlogic Willem M. Smit said: "We expect substantial growth of revenues this year, which will vary in upcoming quarters in accordance with our release schedule. Playlogic has an excellent line-up of titles as well as various new licensing agreements that expand our portfolio of gaming platforms and will increase availability."

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